Denver-based Bellco Credit Union is joining the fray of member-owned credit unions expanding into Fort Collins with a new branch at 1526 E. Harmony Road, Suite 300.

The branch, expected to open later this year, brings the total number of Bellco branch locations to 27, including 26 along the Front Range.

The new 2,000-square-foot branch will provide full- and self-service banking options including an express teller machine, 24-hour ATM service and offices for members to meet with Bellco staff.

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“Bellco currently has nearly 7,000 members in Northern Colorado, and we are always looking at ways we can better serve all our members,” said John Rivera, Bellco's chief retail officer, in a press statement. “It’s important for Bellco to have a strong presence where our members live and work, and this is the perfect location for our ongoing branch expansion.”

The 86-year-old Bellco has more than $7 billion in assets and 360,000 members. As of July 2021, it was one of 77 credit unions in Colorado. Although it had a hearing before the Colorado Division of Financial Services in 2021 for permission to serve Larimer County, a spokesperson said at the time the credit union had no immediate plans for a physical location here.

Bellco is just the latest credit union to expand into Fort Collins as the region's population explodes and federal legislation that helped expand credit union membership helps attract bigger players like Ent, Elevations and now Bellco to the market.

Thirteen years ago, there was a handful of credit unions in Fort Collins: Credit Union of Colorado, Norbel, Norlarco, Security Service and a facility for Anheuser-Busch employees.

Norbel and Norlarco were liquidated during the 2009-10 financial crisis. Norbel's assets folded into Security Service Federal Credit Union, and Norlarco's assets were purchased by Public Service Credit Union, which later rebranded as Canvas Credit Union.

Today, there are at least eight credit unions operating in the county, including Ent, Elevations, Blue and Canvas — all major players that opened multiple branches in Larimer County in the past eight years. Credit Union of Colorado, Security Service, First Tech Federal Credit Union and Together — a rebranded credit union for A-B employees and retirees — are still in play.

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Bank or credit union: What's the difference?

Unlike banks, credit unions are tax-exempt nonprofit entities that are owned by their members (depositors) and chartered either by the Colorado Division of Financial Services or the federal National Credit Union Administration (similar to the FDIC).

They provide an array of financial services and deposits, just as banks do, and deposits are insured up to $250,000. But unlike banks, credit unions must limit their customer base to what’s called a “field of membership,” which can be defined as a company, school, place of worship, geographic area or membership in an organization.

This article originally appeared on Fort Collins Coloradoan: Bellco, one Colorado's largest credit unions, opening in Fort Collins